The India Cements (INDIACEM) Q4 25/26 earnings summary

Executive summary

• Achieved a record 200 million tons of cement production capacity in India, a year ahead of target, making it the largest cement company by sales volume outside China.

• Completed full brand migration for India Cements and Kesoram in March 2026, with integration benefits expected to reflect in FY 2027.

• FY 2026 marked by strong execution, volume growth, improved profitability, and a robust strategic position entering FY 2027.

• Audited standalone and consolidated financial results for the year ended 31 March 2026 were approved, with unmodified audit opinions issued by joint statutory auditors.

• The company completed the amalgamation of four wholly owned Indian subsidiaries, effective 28 March 2026, with financials restated from 1 January 2025.

Financial highlights

• Consolidated sales volumes reached a record 44 million tons in Q4, with 19% year-on-year growth for the main brand.

• EBITDA per ton (excluding acquired assets) was INR 1,296 in Q4, up from INR 1,225 in Q4 2025; aggregate EBITDA per ton was INR 1,253.

• PAT for the quarter was INR 3,000 crore; full-year PAT exceeded INR 8,000 crore.

• Standalone revenue from operations for FY26 was ₹4,080.39 crore, down from ₹4,484.69 crore in FY25.

• Standalone net loss for FY26 was ₹655.65 crore, compared to a net profit of ₹65.32 crore in FY25.

Outlook and guidance

• Targeting sustainable volume growth of 7%-8% per annum, with double-digit growth expected for FY 2027.

• CapEx of INR 8,000–10,000 crore planned annually for the foreseeable future, fully funded by operating cash flows.

• Plans to expand cement capacities by 2.8 Mtpa and scale up green power from 6% to 80% by FY29.

• Committed to reaching over 242.5 million tons capacity by FY 2028.

• The company continues to monitor regulatory changes, especially the implementation of new Labour Codes, and will review estimates as further clarifications are issued.